Car makers are creating various types of electric vehicles to satisfy the wide range of needs of car buyers as the demand for environmentally friendly modes of transportation rises in response to growing concerns about global warming. EV owners are financially protected by insurance policies for electric vehicles (EVs) against liabilities such as natural disasters, theft of the insured vehicle, accidental damage, riots, fires, and third-party injuries or property damages. *
The right EV equipped with the right electric car insurance can help owners avoid out-of-pocket costs to a considerable degree. To protect their vehicles from harm, owners of EVs in India must have the appropriate insurance coverage. This guarantees you can drive safely and enjoy the benefits of buying electric cars in India.
Is Insurance For Electric Vehicles Required?
The growing acceptance of EVs in India has changed the commuter landscape significantly. These vehicles are quickly gaining popularity across the nation thanks to advantages like less expensive fuel and environmentally friendly transportation. Electric car insurance is necessary due to the higher repair costs associated with EVs’ advanced technology.
Here are the main justifications for why insurance for electric vehicles is crucial:
- Legal Precondition: All vehicles must be insured at least by third-party insurance to be legally driven on Indian roads, according to the Motor Vehicles Act of 1988. The traffic police may impose severe penalties for violating this law. *
- Third-Party Liability: EV owners can shield themselves from monetary and legal obligations if they cause harm to third-party people or property by purchasing third-party liability insurance.*
- Protection Against Damages: The owner of an EV four-wheeler is financially protected by an insurance policy that can pay for repairs for damages to the insured vehicle.* Claims are subject to terms and conditions set forth under the car insurance policy.
- Personal Accident Coverage: Insurance policies for electric vehicles also cover the insured’s accidents. The sum assured is paid out to the policyholder’s nominees in the unfortunate event of their passing or becoming disabled due to an accident involving the insured four-wheeler. *
Claims are subject to terms and conditions set forth under the car insurance policy.
Insurance Options For Electric Vehicles
Four-wheeler owners should choose the ideal electric vehicle insurance to ensure their EV is adequately covered.
There are two categories of policy to take into account:
Third-Party Insurance: According to the Motor Vehicles Act of 1988, all EV owners must have this kind of insurance. It protects against legal obligations resulting from third-party harm or property loss brought on by the insured EV. * Claims are subject to terms and conditions set forth under the car insurance policy.
Comprehensive Insurance: Because it covers both third-party and own damage, this insurance is ideal for electric vehicles. The terms and conditions also cover repair costs for damages brought on by riots, floods, storms, and other calamities. *Claims are subject to terms and conditions set forth under the car insurance policy.
How To Choose The Ideal Insurance For Electric Vehicles
- Choose an affordable insurance option for electric vehicles that offers comprehensive protection.
- Investigate reputable insurance companies which have minimal paperwork and hassle-free claim settlements.
- Compare different policies to select the ideal choice that perfectly balances premium costs, coverage, and add-on services.
- Review the terms and conditions thoroughly before approving an EV insurance plan.
- Read online reviews to learn more about the various electric vehicle insurance plans.
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
